Majestic Cinemas has been operating under the control of Terry van der Velde and Terry Rose, the appointed Administrators since 31 January 2024, with all parties hopeful of finding a way to restructure or sell the business and secure its viability. This announcement confirms that audiences in the Mid North Coast will continue to have the opportunity to enjoy their cinema experiences into the future.
SV Partners is pleased to announce the successful sale of three Majestic Cinemas sites on the Mid North Coast to East Wing Corporation and related entities of Regional Cinemas Australia. As part of the sale agreements, Majestic Port Macquarie, Sawtell Cinema, and Riverside Movies Kempsey will now be operated by Regional Cinemas Australia effective 28 March 2024.
As a result of the sales, the Administrators are happy to have secured the businesses at Sawtell, Port Macquarie and Kempsey, while also preserving the Inverell site through a management agreement with the purchaser. The Nambucca site continues to trade and is expected to be operated by Regional Cinemas Australia subject to finalising lease negotiations with the purchaser. Majestic Nambour continues to operate whilst sale discussions are ongoing.
”Safeguarding jobs together with the future of the regional cinemas has been vital in this matter, and SV Partners are pleased to have secured more than 100 jobs across the business including full-time, part-time and casual employees, with the continuation of six regional cinemas”, says Administrator Terry van der Velde.
Majestic gift cards, vouchers and movie club cards will also continue to be honoured at the Port Macquarie, Sawtell, Kempsey and Nambucca sites, with all original benefits and conditions applying to their usage moving forward.
During the Administration process, SV Partners successfully traded six of the cinemas for two months, ultimately achieving a material return from the sale process. The collaborative approach and strong support from landlords, film distributors, employees, key management personnel, and the community throughout this process has been key in achieving such a positive and successful outcome.
The Administrators together with SV Partners wish the purchasers success with the future of the regional cinemas.
For sessions times and opening hours, please visit regionalcinemas.com.au.
The Company at an adjourned second meeting of creditors held on 4 April 2024, appointed Terry van der Velde as sole Liquidator of the Company. For any queries relating to the Company generally, please contact the Liquidator’s office at [email protected].
For more information or interviews, contact SV Partners on 07 3310 2000 or email [email protected].